22. WARRANTS

The Company was originally incorporated as a Cayman Islands exempted company on July 3, 2020 as a special purpose acquisition company under the name Dragoneer Growth Opportunities Corp (“Dragoneer”). On February 2, 2021, Cypress Holdings Inc., (“CCCIS”) entered into the Business Combination Agreement with Dragoneer. In connection with the closing of the business combination (“Business Combination”), the Company assumed the outstanding warrants sold in private placement ("Private Warrants") issued by Dragoneer.

The Private Warrants could only be exercised for a whole number of shares of the Company’s common stock. Each whole Private Warrant entitled the registered holder to purchase one share of the Company’s common stock. All warrants had an exercise price of $11.50 per share, subject to adjustment, beginning on August 29, 2021, and were to expire on July 30, 2026 or earlier upon redemption or liquidation. Additionally, the Private Warrants were exercisable on a cashless basis and were non-redeemable, so long as they were held by the initial purchasers or their permitted transferees. If the Private Warrants were held by someone other than the initial purchasers or their permitted transferees, the Private Warrants were redeemable by the Company and exercisable by such holders.

During May 2024, the Company redeemed all of the outstanding Private Warrants for an aggregate 3,809,200 shares of the Company’s common stock. Following the redemption, the Company had no Private Warrants outstanding.

The Company recognized income (expense) of $14.4 million and ($15.1) million as a change in fair value of warrant liabilities in the consolidated statements of operations and comprehensive income (loss) for years ended December 31, 2024 and 2023, respectively.